News release
The Bank of England welcomes the Financial Conduct Authority (FCA) recognition of the 2024 versions of the FX Global Code and UK Money Markets Code under its code recognition scheme. The FCA initially recognised both codes in 2019 and later recognised revised versions in 2021.
The FCA’s code recognition scheme was launched in 2018 and is for codes that apply to unregulated financial markets and activities. The FX Global Code and UK Money Markets Code are reviewed every three years to ensure that they remain fit for purpose and up to date with market practices and structure.
The FX Global Code is maintained and updated by the Global Foreign Exchange Committee (GFXC). It sets global principles of good practice which promote the integrity and effective functioning of the wholesale FX market.
The UK Money Markets Code, alongside an updated explanatory note and FAQ document, is maintained and updated by the Money Markets Committee. It sets standards and best practice expected from participants in the deposit, repo and securities lending markets in the United Kingdom.
Gerardo García, Chair of the GFXC and General Director of Central Banking Operations at the Bank of Mexico said: “I welcome the FCA’s recognition of the FX Global Code, particularly given the importance of London in the global FX market.”
Andrea Rosen, Director of Markets, Bank of England and Chair of the London Foreign Exchange Joint Standing Committee (FXJSC) said: “I welcome the FCA’s recognition of the revised FX Global Code, which reinforces the importance of transparency, integrity, and good conduct in the wholesale FX market. The widespread adoption of the Code, evidenced by over 1,300 Statements of Commitment, demonstrates the industry’s strong appetite for aligning with global best practices. Greater participation from the hedge fund community, given its significant presence in the FX market, would further strengthen the Code’s role in promoting a fair and effective marketplace.”
Matt Roberts-Sklar, Head of Sterling Markets, Bank of England, said: “As Chair of the UK Money Markets Committee, I welcome the FCA’s recognition of the UK Money Markets Code. The Code’s fundamental purpose remains to ensure trust exists in the UK Money Markets. FCA recognition is helpful in providing further assurance of fairness and transparency for all.”